Loop Telecom

NEW DELHI: Promoters of Essar Teleholdings and Loop Telecom Monday told a Delhi court that the probe agency's claim of the promoters having conspired to cheat the government was false. Denying charges of criminal conspiracy and cheating levied by the Central Bureau of Investigation, they said that the probe agency had acted on its own without receiving a complaint from the telecoms department. "The owner (DoT) is not complaining. You have not heard any complaint from the...

NEW DELHI: Department of Telecommunication (DoT) today sought six weeks from a special court to file its response on a plea by Loop Telecom Ltd, facing trial in a case relating to the probe into the 2G spectrum allocation scam, for referring the matter to the Lok Adalat. A DoT official, who appeared in the court, told Special CBI Judge O P Saini that he has got an instruction from the department to seek time to file reply which was scheduled to be furnished today. The...

NEW DELHI: Mauritius-based investors in Loop Telecom , besides Sistema and Telenor, have slapped government notices under bilateral investment protection treaties, after Supreme Court cancelled their telecom licences. While these investors in Indian telecom companies were aggrieved about cancellation of their licences by the Supreme Court, Vodafone sent a separate notice on the issue of likely tax on its 2007 acquisition of Hutchison after the proposed amendment in...

MUMBAI: Loop Telecom, whose mobile phone permits were cancelled by the Supreme Court , has decided to shut down operations across the country except Mumbai, the company said. It becomes the third mobile phone operator, after Etisalat DB and S Tel, to wind up operations following the Supreme Court's February 2 directive which cancelled all 122 mobile permits issued by former telecom minister A Raja . It is learnt that Videocon Industries' will be next to wind up, but ...

NEW DELHI: To avoid last minute rush, TRAI has asked all subscribers of Loop Mobile to avail the facility of mobile number portability to shift to other operators' networks at least a week before November 29, after which the Mumbai-based firm will not be able to offer telecom services. The company had to buy spectrum afresh to continue its operations but it did not participate in the auction held in February. "TRAI appeals to all subscribers of...

NEW DELHI: The telecom department may re-impose aRs 1,000-crore fine on Loop Telecom for abruptly disconnecting services to subscribers across 21 circles, after the Central Bureau of Investigation's view that the fine notice will not hurt its probe into the ownership of the company as part of the wider 2G case. The telecom department (DoT) had previously decided against slapping the penalty on the premise that it could amount to a contempt of the court....

NEW DELHI: Ministry of corporate affairs has maintained that Essar held less than 10% stake in Loop Telecom at the time of award of 2G licence in 2008. The Central Bureau of Investigation has blamed the corporate affairs ministry for changing its stand on the contentious issue. The MCA has so far given two reports — in 2009 and 2011 — on crossholding of shares of Essar in Loop Telecom. Loop Telecom got telecom licence during the tenure of former telecom minister A Raja,...

NEW DELHI: Loop Telecom, in which Essar holds stake, on Wednesday announced the roll-out of its services in Karnataka and Kerala under the brand name 'Loop Mobile'. The company had started its operations in Tamil Nadu and Orissa last month. Loop Telecom is among the new telecom operators, which received licensees to operate across 21 circles by the Department of Telecommunication (DoT). The company, as part of its pan-India...

NEW DELHI: Loop Telecom has moved a Delhi court seeking to end a criminal trial against it and consider compounding alleged charges to reach a compromise,two people with knowledge of the development told ET. One of them, who read the application filed in the special CBI The Court on Thursday,said the company and its promoters were ready to comply with any or all reasonable terms for compounding and that this move was not an admission of guilt.Loop Telecom...

NEW DELHI: The Essar Group has slashed its stake in Loop Telecom to 1.5%, the latter said in its affidavit to Supreme Court, amidst a probe by federal investigators that Ruia brothers of the Essar Group, through a maze of companies, have more than 10% in this mobile phone company, which is not allowed by law. The Dubai-based Khaitan family owns the remaining 98.5% stake, the affidavit adds. Kiran Khaitan is the sister of the...

NEW DELHI: The telecom department will issue showcause notice to mobile company Loop Telecom, asking why its licences in 21 regions across the country not be cancelled for violating rules that govern the communication sector. An internal probe by the department has revealed that the Essar Group held more than the 10% permissible stake in Loop Telecom, one of the companies that bagged pan-India mobile permits in 2008 under controversial...

NEW DELHI: Bharti group Chairman Sunil Mittal today said the telecom industry wants more spectrum and the government should make it available. "We want from the government more spectrum. Every country has the same amount of spectrum and it is not that India has less... It needs to be vacated from other places, that is what other countries have also done," Mittal said on the sidelines of the India Economic Summit here. Telecom Regulatory Authority of...

MUMBAI: Shares of Bharti Airtel fell by nearly 3 per cent today after the company called off its plans to acquire business and assets of Loop Mobile. Stocks of the telecom major fell by 2.70 per cent to settle at Rs 385.30 on the BSE. During the day, it lost 3.33 per cent to Rs 382.80. At the NSE, it was down 2.29 per cent to end at Rs 386.70. In terms of volume, 4.77 lakh shares of the company were traded at the BSE , while over one crore shares...

NEW DELHI: Bharti Airtel Ltd was trading weak in the beginning of the trading session on Wednesday, but extended losses and slipped as much as 3.2 per cent on reports that the telecom major has scrapped its plan to buy business and assets of Mumbai-based Loop Mobile. At 03:20 a.m.; Bharti Airtel was trading 2.9 per cent lower at Rs 384.10. It hit a low of Rs 382.80 and a high of Rs 400 in trade today. As part of the deal, Airtel was to get the...

NEW DELHI: The government has estimated that Khaitan Group's telecom companies Loop Mobile and Loop Telecom owe about Rs 808 crore in spectrum and other charges to the DoT , which is likely to start recovery proceedings soon. "Over Rs 75.67 crore spectrum usage charge (SUC), one-time spectrum charge of Rs 606.72 crore are outstanding against Loop Mobile. Over 2.04 crore SUC and additional Rs 124.18 crore as reserve price have to be paid by Loop...

NEW DELHI: Within 24 hours of blocking incoming calls from Loop Telecom users in Mumbai, Vodafone today said it is restoring their connection to its network as the two companies have reached a settlement on interconnection charges. "We have reached an agreement for payment settlement with Loop Mobile. Accordingly the connection is being restored," a Vodafone spokesperson said. Yesterday, Vodafone has blocked incoming calls from Loop, which has over 3...

NEW DELHI: The CBI has asked Essar Group CEO Prashant Ruia , Vikas Saraf the director in charge of strategy and planning and M&A Vikash Saraf and IP Khaitan and Kiran Khaitan, promoters of Santa Trading Pvt . Ltd. (STPL), the Mauritius-based company which floated Loop Telecom, to appear before it for questioning. The investigating agency is working on the theory that Loop Telecom was nothing but an "associate" of the Essar group. Kiran Khaitan, it may be...

NEW DELHI: Mauritius-based Capital Global and Kaif Investment, investors of Loop Telecom have invoked the India-Mauritius bilateral investment treaty , joining the league of other telecom companies including Vodafone that has served notice to the Indian government. "The said notices are being handled in terms of the provisions of applicable agreements, keeping in view the details of the case," Minister of state for finance Namo Narain Meena ...

NEW DELHI: Chinese telecom equipment maker ZTE Corp Wednesday moved the Bombay High Court against Loop Mobile, asking the court to restrain Loop Mobile from selling its business to any party without permission and that all sums payable by Bharti Airtel to Loop Mobile be attached, creating a hurdle the first merger and acquisition deal in India's telecom sector since 2008. ZTE Corp said that Loop Mobile owes outstanding payments of $ 25 million and that it had not...

NEW DELHI: The Department of Telecom (DoT) is in the final stages of issuing demand notice to telecom companies, whose licences were quashed by the Supreme Court in February, 2012 but were allowed to operate till completion of spectrum auction, for an estimated Rs 2,764.29 crore. The Supreme Court in February, 2012 had quashed 122 2G licences. The apex court later in 2013 had asked the government to charge fees from companies that continued...